Executive Summary Bearish (Market Access): ESMA’s aggressive stance on post-MiCA transitions removes all ambiguity by mandating an immediate halt to marketing and onboarding for unauthorised firms, effectively forcing an expensive, non-revenue-generating operational exit from the EU market. Bearish (Scalability): The Bank of England’s new regime for systemic stablecoins introduces artificial growth ceilings via strict issuance caps, restricting network effects and suppressing

Bullish (US Market Structure): The Senate Banking Committee’s advancement of the CLARITY Act signals a major step toward statutory certainty. Prioritising everyday market participants, the legislation brings digital assets into the US regulatory framework. While this imposes new compliance burdens, the statutory mandates for timely disclosures, educational infrastructure, and anti-fraud protections establish clear rules of the road that will build long-term retail and market

UK Stablecoins (Bullish for UKQS, Bearish for Offshore): HM Treasury’s proposed carve-outs for UK-issued stablecoins (UKQS) offer a much faster route to market for payment processors. However, hybrid platforms that mix payments with lending will face structural complexities in avoiding regulatory breaches, and, crucially, platforms relying on overseas-issued stablecoins will face significant cross-border operational friction. Singapore Institutional Adoption (Bullish): MAS is

Executive Summary In 2025, the U.S. regulatory landscape for digital assets underwent a profound transformation as the Securities and Exchange Commission (SEC) pivoted from a “regulation by enforcement” strategy to a structured, disclosure-based framework known as “Project Crypto.” Led by Chairman Paul S. Atkins, the SEC reinterpreted federal securities laws to adapt to decentralised ledger technology (DLT), aiming to balance capital formation with investor protection. This s